Financial Terms Flashcards

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401(k)

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An employer-sponsored retirement plan, sometimes with matching funds

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Adjusted gross income

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Income calculated by taking your total income and subtracting the adjustments

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Cash flow

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Managing the inflow and outflow of cash

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Deficit

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A negative cash flow or spending more money than is coming in

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Federal income tax

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The amount of federal tax on earnings imposed by the IRS based on tax tables

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Federal Insurance Contributions Act (FICA)

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A federal tax used to fund the public service programs Social Security and Medicare

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Form 1040

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An important IRS form used to show your income earned and taxes paid over the year

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Form 1099

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A series of tax forms that catalog income that is earned outside of a job using Form W-2

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Form I-9

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An employment eligibility verification form

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Form W-2

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A form that reports an employee’s annual wages and the amount of taxes withheld from paychecks